Labeling is strictly for renaming those long strings of letters and numbers into names you easily recognize.  It does not lower the Security of your Wallet in any way.  That is unless you have a sneaky room mate and they get a chance to peek on your screen while you are browsing your Wallet labeled 'MILLION DOLLAR SAVINGS'.

There is no need to be scared of labels.  They are only there to help you organize your Wallet in a better way.